Not long ago when IMF informed that India's economy will grow much faster than forecast and outpace rival China the media market analysts were predicting Nifty to cross 10000 in a jiffy. In less than 5 days the same media is informing that the Nifty would retrace all the way down to 7600! The media started to paint a bearish outlook just after the India Meteorological Department predicted below normal rains during the June-September southwest monsoon season this year. In ET today many technical analysts were painting bearish picture. In today’s media world anyone can make up anything and call it technical analysis. The field has effectively turned into a mere joke. Technical analysis is now reduced to collection of scams targeted at retail traders to make them pauper.

By itself technical analysis can offer you wonderful solution to understand the market. Unfortunately the media has made it very bad and I do not see any one practicing the subject appears on the media. When we see all kinds of outlandish and superstitious notions come into play in this field as some technical analysts use the moon or sun movements to predict the movement of the market. Here is one small suggestion: Media can try Malayalam type sholli prediction to predict the movement of the Nifty and call it as advanced type of technical analysis. In this analysis the analysts throws the sholli (it is a kind of dice) and predicts the future movement of the market based on the numbers appearing on the sholli. Later they can do a survey to check the popularity of the show. Of course retail investors will be willing to pay even for this kind of technical analysis too.

Interestingly nothing has gone wrong with the market; as expected long back the market is adjusting itself to the earning session. Right from January we have been informing you that the earning of Indian Incorporations would go awry owing to the fluctuation of several currencies. Let us wait for the market to settle down but at the same time enjoy the comedy which is shown on the media. The contender for the best comedy award for the year 2015 not only include the technical analysts who appear on the media but also the anchors of the media like Latha Venkatesh, Menaka Doshi, Reema Tendulkar, Ekta Batra, Udayan Mukherjee!

Let us watch and thank them for making technical analyst a dirty game.